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<Research>JPM: CN Cuts Policy Rates, In Line; Top Picks CCB & CMB
Recommend 25 Positive 43 Negative 14 |
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JP Morgan’s research report highlighted a joint press conference held on May 7, 2025, by the People’s Bank of China (PBOC) and the National Financial Regulatory Administration (NAFR), unveiling a package of market-stabilizing financial policies, which are anticipated to have positive impact. The PBOC will pump approximately RMB2.1 trillion in liquidity through a reserve requirement ratio (RRR) cut and expanded re-lending tools, alongside a 10bps policy rate reduction, in line with expectations, the broker opined. JP Morgan noted that the policies’ overall impact on NIM forecasts is limited. However, the liquidity injection and rate cuts may suppress China’s 10-year government bond yields, bolstering bank dividend spreads. Among Chinese banks, JP Morgan favored CCB (00939.HK) and CM BANK (03968.HK). AAStocks Financial News |
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